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South Bend Redevelopment Commission <br />Regular Meeting - March 19, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />East Bank Partnership proposes to construct <br />a two -story, 33,060 square foot, Class A <br />commercial office building. A 3,060 square <br />foot lower level would house a fitness <br />center. Mechanicals will be well hidden or <br />in the lower level. The total project cost is <br />approximately $3,367,000. <br />Mr. Charles Clark, Holladay Corporation, <br />made a presentation and showed a rendering <br />and site plan of the proposed office building. <br />The building would be located as far south <br />on the lot as possible, giving it the best view <br />of the raceway, leaving the north side of the <br />lot for parking. They would include a lot of <br />landscaping. They are working on getting <br />the building pre- leased. <br />The second proposal was from The <br />Alexander Company in the amount of <br />$1,000.00. A performance guarantee of <br />$500.00 was included. They propose to <br />restore the building into a residential <br />development called Stevenson Mill. <br />Stephenson Mill would contain 39 <br />residential, one- and two- bedroom <br />apartments. Renovation and restoration will <br />be done in accordance with Historic <br />Preservation standards. They will require <br />the City of South Bend to participate through <br />tax abatement, TIF improvements, and gap <br />-5- <br />